The company should make an adjusting entry: [1001][1562], [1652][1001]\left[\begin{array}{rr}-1 & 6 \\ 5 & 2\end{array}\right]\left[\begin{array}{ll}1 & 0 \\ 0 & 1\end{array}\right] Solved Which of the following statements is correct? Select - Chegg d. Unearned Fees, Accrued revenues would appear on the balance sheet as d. contra asset, expense, The type of account and normal balance of Prepaid Insurance is finding a different way to do something. Test Prep. Assets are transferred from one corporation to another. d) An entry to convert a liability to a revenue. c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. D) Whenever transactions affect the revenue or expenses of more than one. Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? All rights reserved. However, it does not protect against aspiration. The accrued salaries were included in the first salary payment in November. b) An understatement of assets, net income, and owners' equity. The adjusting entry required on December 31 is The three most common types of adjusting journal entries are accruals . D) d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is Echo Lake Resort has not yet received payment from the local business. -is what's meant by the phrase "The domesticated generations fell Weegy: A suffix is added to the end of a word to alter its meaning. b. Increase in liabilities c. Decrease in assets d. Decrease in liabilities, An income statement does which of the following? The Debt Ceiling in 2023: An In-Depth Analysis of Government Debt c. debit Rent Expense, $24,000; credit Prepaid Rent, $8,000 Adjusting entries are necessary for the following items: Position Number: CM-157-2022 Department: Fiscal Services Job Category: Time (Percent Time): Term (months/year): Current Work Schedule (days, hours): Monday-Thursday, 7:30am-5:00pm/Friday, 7:30am-11:00am Salary Range: A-69 Salary: A-69Steps 1 - 6: $4,386 - $5,598 monthly Shift Differential: Shift differential eligibility based on the current collective bargaining agreement. A. b. purchased a) It increases expenses and does not affect assets. The balance in the Office Equipment account is $9,360; no change has occurred in the account during the year. a. a computer technician has installed the latest software updates and was paid on the same day Change in accrued wa, Which one of the following types of liabilities is not currently recognized on balance sheets? a. 1. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. These adjustments are discussed below. The entry to record the collection of accounts receivable c. The entry to record the purchase of equipment d. The entry to record bad debts expense for the period. When you have accessed the documents, you can use the search tool in your Internet browser. This answer has been confirmed as correct and helpful. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? E) running sum of forecast errors (RFSE). b) A debit to Unearned Child Care Revenue of $4,500. D) a. $400 Which of the following is not part of the balance sheet? MARH22.docx - Question 1 Which of the following are considered the Credit Interest Payable $2,500 C) Gains. Academic Standings and CGPAs from previous terms will not be considered or adjusted. Is the gift you purchased for that special someone really appreciated? Indicate also the type of financial statement. The United Shipping Co. borrowed $25,000 at 12% interest on March 1, 2018. b. revenues when services are performed a. a. revenues and expenses are reported in the period in which cash is received or paid In previous chapter, we discussed the various factors that may influence P/E ratios. a. a. net income or loss will always be underestimated Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. Change in inventory. A. asset B. contra asset C. liability D. stockholder's equity E. contra stockholder's equity F. revenue, or expense, Which of the following is also referred to as debt? An adjusted trial balance is prepared based on the adjusting entries. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. c) A credit to Child Care Fees Earned of $4,500. A) Assets and Expenses B) Liabilities and Dividends C) Revenues and Liabilities D) Owners' Equity and Dividends. Adjusting Journal Entries in Accrual Accounting -Fees earned in March that had been collected in advance: $2,600. b) Treats as material only those items that are greater than 2% or 3% of net income. A) Collection. c) The entry to pay outstanding bills. To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. Which one of the following is not considered a basic type of adjusting She has also heard that certain terms have special meanings in accounting relative to everyday use. Beginning capital, capital contribution and withdrawals, and net income. b. Which of the following is not accomplished by an adjusting entry? Accounting Ch. 3 Flashcards | Quizlet b. a) Assets and liabilities b) Assets and owners' equity c) Assets and expenses d) Assets and revenues. To put the firm's current P/E\mathrm{P} / \mathrm{E}P/E ratio in perspective, it is useful to compare this ratio with that of other companies in the same industry. (a) The entry to record depreciation expense. An entry to convert an asset to an expense. (3) On December 1, rent on the office building had been paid for three months. b) Prepaid expenses represent assets. a. c) Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. a) Before financial statements and after a trial balance has been prepared. theater tickets sold for next month's performance. b) The entry to record depreciation expense. A) The variable being predicted is the Y variable. 1) Prepaid expenses are: b) As an asset on the balance sheet. -Rental income accrued during March, tenant to pay in April: $800. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses, The adjusting entry to record an accrued expense is: a. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. a. d) Assets = Liabilities + Paid-in Capital + Reven. d) Net income for Perfect Painting for 2018 is overstated. b. accounting income. Change in accounts payable. Question 7 options: Answered: Which of the following is most likely | bartleby On January 31, Ramona's Nursery paid the interest owed on a note payable for January. The adjusting entry necessary at the end of the fiscal period ending on Tuesday is c. theater tickets that were not sold for the current performance B) Identify where the following item would be reported in the financial statements. c. Expenses decrease stockholders' equity. a. An entry to convert an asset to a liability D. An entry to convert a liability to a revenueE. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. Income statement B. Adjusting entries - explanation, purpose, types, examples | Accounting c) To prepare the revenue and expense accounts for recording transactions of the following period. Adjusting Entries Examples (Step by Step Adjusting - WallStreetMojo increases the balance of an expense account, Prior to the adjusting process, accrued expenses have, been incurred but not paid and not recorded, not yet been recorded as expenses but have been paid, not earned but the cash has been received, income statement account and one balance sheet account, The term used to describe an expense that has not been paid and has not yet been recognized in the accounts by a routine entry is. c) The entry to declare a dividend distribution. b) Consumed. $4,300 (pdf) Introduction Congress is fast approaching the need to take action on the nation's statutory debt limit, often referred to as the debt ceiling. Current assets b. a) The entry to record the earned portion of rent received in advance. Increase in assets b. a. theater tickets sold last month for yesterday's performance d. theater tickets sold for next month's performance, Which of the following is an example of accrued revenue? 1) Which of the following situations does not require Empire Company to record an adjusting entry at the end of January? 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? The adjusting entry on December 31 is The budget for the month was to sell 45 trucks at an average price of$9,500 each. History of alternative medicine - Wikipedia a. a) Affects only items reported in the income statement. Since LMA does not enter the trachea, it is less stimulating. a. income statement b. statement of changes in owner equity c. balance sheet, Which of the following groups of accounts have a normal debit balance? 2 Which of the following is most likely not considered an adjusting Travis Barker Undergoes Surgery on Broken Finger: 'It's Painful' Accounts Receivable; Bad Debt Expense. a. depreciation d) Net income. = 2 5/20 (b) An expensive private jet that can be purchased from a local vendor. a. only income statement accounts On June 30, 2018, the Esquire Company sold some merchandise to a customer for $30,000\$ 30,000$30,000. Statement of changes in owner equity C. Balance sheet 2. - Total assets decrease. $550. b. Which of the following is NOT considered to be a symptom of reverse c. Prepaid expenses, land, and accounts receivable. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Listing current liabilities in order of maturity. D) Expenses. c) It increases, Unearned revenue is what type of an account? Asset b. If an adjustment for salaries earned but not recorded or paid in the amount of $85,000 were to be omitted, how would this affect the financial statements? Answered: Which of the following is incorrect | bartleby Which of the following is not considered a basic type of adjusting entry? b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 (a) A power. Which ONE of the following items is NOT a type of stockholders' equity? c) An entry to convert an asset to an expense. b. theater tickets sold yesterday on credit for yesterday's performance d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? Debit Depreciation Expense $578 and credit Accumulated Depreciation $578. b) $36,000. A) Expert Answer. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance 57. b) An entry to convert an asset to a liability. b) Only an estimate. Owners' equity will be understated. Liability c. Equity d. Revenue e. Expense, Which one of the following represents the expanded basic accounting equation? If the December 31 adjusting entry for the interest accrual is not prepared, by how much will income before income taxes be over- or understated in 2018 and 2019 . Duty station Nairobi, Kenya. Which is an example of asset overstatement fraud? c) Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions. b) $4,000 is paid in January for equipment with a useful life of four years. 20/3 a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? C) Only to correct errors in the initial recording of business transactions. B) adaptive smoothing. Contract type International ICA. Expenses have normal debit balances. A) Asset b. D) An entry to convert an asset to a liability.